Best Small Business Loans for Women

Business loan lenders typically require good to excellent personal credit, so it’s usually helpful to have a credit score of 670 or higher to qualify for a loan. But with Funding Circle’s Small Business Administration (SBA) loans, you can qualify for a loan with a score as low as 630. 

Through Funding Circle, you can borrow up to $500,000, and you can have up to 10 years to repay the loan—a longer term than many business lenders offer. However, the loan is only available to businesses that have been in operation for two years or more and have at least $400,000 in revenue.

Business lenders typically lend to established businesses, and they may have loan minimums of $50,000 or more. For smaller businesses, that minimum may be much too high. 

Fora Financial’s loan minimum is just $5,000, so you can borrow only what you need. Fora has less stringent requirements than other lenders and it doesn’t require any collateral; you just need a credit score of 500 or higher, and at least $12,000 per month in revenue. 

Fora Financial’s repayment terms are shorter than other options; the maximum loan term is just 15 months. And Fora Financial’s rate structure can be confusing. Its rates range from 15 to 40 cents per dollar for borrowers, and it also charges a processing fee of 2.5% or more. 

For businesses that want a line of credit, the American Express Business Line of Credit allows you to get up to $250,000 as a revolving line of credit. For the length of the term—which can be 6, 12, or 18 months—you can repeatedly tap into the line of credit to finance your business’ needs. You only pay interest on the amount of money you use each month. 

American Express allows you to apply and get approved within minutes. And it requires a personal credit score of just 640—lower than many other lenders’ requirements. 

Depending on the term you choose, fees can be as high as 27%, with longer terms incurring higher fees.

Lendio has several financing options, including loans for startups. While other companies require businesses to be in operation for a year or more to qualify for a loan, Lendio’s minimum requirement is just three months. 

Through Lendio, you can borrow up to $750,000 for a young business, and up to $2 million for a more established one. Depending on the type of loan you choose, you could have up to 25 years to repay it. 

Lendio isn’t a lender; instead, it connects borrowers with its network of lending partners to get you the financing you need. Loan terms, rates, and eligibility criteria vary by lender, but you generally need a credit score of 680 and a monthly revenue of $6,000 to qualify for a startup loan. 

The application process for most business loans can be extensive, and it can take weeks to get the money you need for your business. But with OnDeck, your loan may be disbursed as soon as the same day you apply. 

With OnDeck’s term loan, same-day funding is available if you’re approved and accept the loan by 10:30 a.m. ET on a business day. If you finish after that time, funds will be deposited within two or three business days. 

OnDeck also has a line of credit with instant funding. If approved, you can access your line of credit within minutes. 

However, OnDeck’s rates and fees may be prohibitive for some. Rates on its term loans start at 29.9%, but according to the company, the average APR for term loans was 62.1% over the half-year period ending in March 2022. There is also an origination fee that can be as high as 4% and a $20 monthly maintenance fee on lines of credit. 

Many business loans and lines of credit have APRs well into the double digits. But with Bluevine, you can qualify for a line of credit with rates as low as 6.2%. 

Bluevine requires a minimum credit score of just 625—far lower than other lenders—and it provides access to your money within minutes of approval. 

However, the maximum term available is just 12 months. And though the company has a low credit score minimum, its revenue requirements are much more stringent. To qualify for a line of credit, you must have at least $40,000 in monthly revenue.